LAST-MINUTE TAX SAVERS

NONTAXABLE INCOME
Reimbursed expenses for business use of your personal car typically are not considered taxable income. Similarly, other types of cash that flowed in during the year-gifts, for example-won’t be taxed. “Many people aren’t aware of nontaxable income,” says Stallworth. “You don’t owe income tax on child support, on life insurance proceeds or on money you inherit.” (Note that the individual laws vary from state to state. ) As it is, Uncle Sam ta
kes a large enough slice of the pie without you giving him an even bigger piece.